St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-07
A WESTERN BOOM.
Improvement ia Trade at ST. Paul
and Other Cities.

New YORK, May G.-R. G. Dunn &
Co.'S Weekly Trade Review says: The
feature of business reports for the past
week is the enormous increase reported
at many Western points. In tliat sec
ton the interstate commerce act, though
checking trade at some important points,
seems to have produced a feeling of eX-
traordinary confidence in a much larger
number OF towns. Other causes, partic-
ularly the speculation i'll real estate and
the activity in building, contribute to
swell transactions surprisingly. At Gin
cinnati clearingS show an increase of 81
per cent. ever last year, at st. Louis 16
per cent, and at Chicago IA, but st:
Paul and San Francisco report gains of
43 per cent, Memphis, st. Joseph and
Peoria exceeding 80 per cent, Indian
apOliS and Denver nearly so per cent,
Omaha 102 per cent, and Wichita, Kan,
10 per cent. Apart from land trading
and new building, other business has
been remarkably active throughout
that region. Denver notes all increase
in yield of precious metals, st. Paul a
large output of flour, Cleveland, Cincin-
natl and Milwaukee a distinct improve
ment in trade and collections, and the
supply of money seems everywhere
ample. At Memphis the activity noted
Is mainly i'll real estate and building.
Eastern cities do not find correspond
ing Improvement in trade. Philadel-
phia exchanges show little increase.
Large amounts Of capital are going
thence to the West on mortgage loans.
The boot and shoe business still i'm
proves, but the WOODEN manufacture is
depressed by slow demand for goods
and several New England mills have
stopped or reduced time. The high
prices being paid for new wool at the
West, it is claimed, will make profitable
manufacture impossible for many. The
dry goods market is quiet, though prices
are well maintained. In the grocery
trade there is much complaint of dull
ness, and sugar has yielded shade,
spices and tea being dull and molasseS
steady. In spite of active speculation
i'll coffee the demand for consumption
is limited. Railroad earnings give
proof that While traffic is large
the increase falls far short of
reported gains in the volumes
OF business in the West. The reports
of the railroads for April so far seen
show an average increase of II per cent.
i'll gross earnings over last year. Wheat
exporting is checked by a corner in near
options, which has advances prices 81
cents. Cotton futures for June are also
cornered and have advanced quarter.
BeSSemer iron is so to Is cents lower at
Pittsburg. Sales of bar at 2 cents are
not unusual at Philadelphia, and, there
are reports of large sales of pig at con-
ceSSiOn, while some rail mills are open
for orders at S3S. Already OCT miles of
railroad have been completed, against
6,652 to date last year. and new contracts
are offered in great variety and large
amount, but the uncertain prospect as
to rates, and respecting the decisions of
the interstate commerce commission,
affects investments in stock. though
prices have improved q little. The
enormous supply of money goes far to
explain the situation. Not only has the
treasury added about S4,972,000 to the
circulation in April, but the abundance
and cheapness of money in London are
clearly felt here. The business failures
during the last seven days number, for
the United States, 1913; for Canada, 30;
total, 1872; against 19l last week, and 1872
for the corresponding week of last year.